Vault-13

CMS ENERGY CORP CMS 3.375 05.01.28

NOTE 3.375% 5/0 · US DOMESTIC · CUSIP 125896BX7

59 institutional holders +1 vs Q1 2026
6,378,7376.4m shares reported held*
$753.8mreported value*
10 new 15 added 11 reduced 10 sold out net bought ≈ $64.1m (-17.9m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $118.17.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q2 24: 47Q3 24: 54Q4 24: 58Q1 25: 57Q2 25: 61Q3 25: 54Q4 25: 54Q1 26: 58Q2 26: 5959Q2 24Q4 24Q2 25Q4 25Q2 26
Numbers
QuarterHolders
Q2 202447
Q3 202454
Q4 202458
Q1 202557
Q2 202561
Q3 202554
Q4 202554
Q1 202658
Q2 202659

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 24: 26 bought or addedQ3 24: 20 cut or sold outQ4 24: 16 bought or addedQ4 24: 24 cut or sold outQ4 24Q1 25: 26 bought or addedQ1 25: 18 cut or sold outQ2 25: 27 bought or addedQ2 25: 18 cut or sold outQ2 25Q3 25: 16 bought or addedQ3 25: 25 cut or sold outQ4 25: 23 bought or addedQ4 25: 21 cut or sold outQ4 25Q1 26: 34 bought or addedQ1 26: 15 cut or sold outQ2 26: 25 bought or addedQ2 26: 21 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242620
Q4 20241624
Q1 20252618
Q2 20252718
Q3 20251625
Q4 20252321
Q1 20263415
Q2 20262521

Biggest buyers

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +55,100,000+55.1m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. New +21,000,000+21.0m
Calamos Advisors LLC Added +14,401,000+14.4m
LAZARD ASSET MANAGEMENT LLC Added +12,047,000+12.0m
Lombard Odier Asset Management (Europe) Ltd Added +8,970,000+9.0m
ADVENT CAPITAL MANAGEMENT /DE/ Added +8,009,000+8.0m
Wellesley Asset Management Added +7,110,000+7.1m
CITIGROUP INC New +5,003,000+5.0m
STATE STREET CORP Added +4,400,000+4.4m
SSI INVESTMENT MANAGEMENT LLC New +2,941,000+2.9m

Biggest sellers

BlackRock, Inc. Reduced -34,075,000-34.1m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sold out -11,000,000-11.0m
Polar Asset Management Partners Inc. Sold out -10,000,000-10.0m
JPMORGAN CHASE & CO Reduced -6,059,000-6.1m
TPG GP A, LLC Sold out -5,000,000-5.0m
BANK OF AMERICA CORP /DE/ Reduced -3,184,000-3.2m
SSI INVESTMENT MANAGEMENT LLC Sold out -2,771,000-2.8m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -2,257,000-2.3m
VICTORY CAPITAL MANAGEMENT INC Reduced -747,500-747.5k
AGF MANAGEMENT LTD Sold out -700,000-700.0k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 92,504,00092.5m $1.0m $1.0m 0.00% Added +12.0m +12,047,000
2 ADVENT CAPITAL MANAGEMENT /DE/ 2.10% of their portfolio NEW YORK, NY 82,240,00082.2m $92.3m $92.3m 2.10% Added +8.0m +8,009,000
3 Calamos Advisors LLC 0.31% of their portfolio NAPERVILLE, IL 76,823,00076.8m $85.9m $85.9m 0.31% Added +14.4m +14,401,000
4 Aequim Alternative Investments LP 1.21% of their portfolio MILL VALLEY, CA 70,000,00070.0m $78.2m $78.2m 1.21% Unchanged
5 Universal- Beteiligungs- und Servicegesellschaft mbH 0.11% of their portfolio FRANKFURT AM MAIN, 2M 61,974,00062.0m $69.6m $69.6m 0.11% Added +2.9m +2,913,000
6 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 55,100,00055.1m $61.5m $61.5m 0.01% New
7 VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio San Antonio, TX 44,021,00044.0m $49.1m $49.1m 0.03% Reduced -747.5k -747,500
8 TENOR CAPITAL MANAGEMENT Co., L.P. 0.43% of their portfolio NEW YORK, NY 27,000,00027.0m $30.3m $30.3m 0.43% Unchanged
9 Lombard Odier Asset Management (Europe) Ltd 1.10% of their portfolio LONDON, X0 22,909,00022.9m $25.7m $25.7m 1.10% Added +9.0m +8,970,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,436,00021.4m $24.1m $24.1m 0.00% Added +4.4m +4,400,000
11 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 21,000,00021.0m $23.6m $23.6m 0.02% New
12 Wellesley Asset Management 1.89% of their portfolio PORTSMOUTH, NH 20,500,00020.5m $20.7m $20.7m 1.89% Added +7.1m +7,110,000
13 SHENKMAN CAPITAL MANAGEMENT INC 2.71% of their portfolio NEW YORK, NY 17,254,00017.3m $19.5m $19.5m 2.71% Reduced -2.3m -2,257,000
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 16,450,00016.4m $18.3m $18.3m 0.00% Reduced -34.1m -34,075,000
15 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 13,029,00013.0m $14.6m $14.6m 0.00% Unchanged
16 Weiss Asset Management LP 0.12% of their portfolio BOSTON, MA 9,609,0009.6m $10.7m $10.7m 0.12% Not comparable
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 9,162,0009.2m $10.2m $10.2m 0.00% Reduced -3.2m -3,184,000
18 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 8,996,0009.0m $10.0m $10.0m 0.00% Unchanged
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,600,0008.6m $9.6m $9.6m 0.01% Unchanged
20 FMR LLC 0.00% of their portfolio BOSTON, MA 8,242,0008.2m $9.2m $9.2m 0.00% Reduced -60.0k -60,000
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,550,0007.5m $8.4m $8.4m 0.00% Added +183.0k +183,000
22 RWC Asset Management LLP 0.30% of their portfolio LONDON, X0 7,147,0007.1m $8.0m $8.0m 0.30% Added +527.0k +527,000
23 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 6,510,0006.5m $7.3m $7.3m 0.01% Reduced -585.0k -585,000
24 GABELLI FUNDS LLC 0.04% of their portfolio Rye, NY 5,100,0005.1m $5.7m $5.7m 0.04% Unchanged
25 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5,003,0005.0m $5.6m $5.6m 0.00% New
26 ZAZOVE ASSOCIATES LLC 0.42% of their portfolio INCLINE VILLAGE, NV 4,545,0004.5m $5.1m $5.1m 0.42% Added +335.0k +335,000
27 Amundi 0.00% of their portfolio Paris, I0 4,100,0004.1m $4.6m $4.6m 0.00% Unchanged
28 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $4.5m $4.5m 0.01% Added +1.0m +1,000,000
29 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 3,900,0003.9m $4.4m $4.4m 0.00% Unchanged
30 Man Group plc 0.01% of their portfolio LONDON, X0 3,320,0003.3m $3.7m $3.7m 0.01% Added +350.0k +350,000
31 EFG International AG 0.06% of their portfolio Zurich, V8 3,000,0003.0m $3.4m $3.4m 0.06% Unchanged
32 SSI INVESTMENT MANAGEMENT LLC 0.19% of their portfolio Los Angeles, CA 2,941,0002.9m $3.3m $3.3m 0.19% New
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,385,0002.4m $2.7m $2.7m 0.00% Reduced -6.1m -6,059,000
34 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 2,116,0002.1m $2.4m $2.4m 0.00% Reduced -100.0k -100,000
35 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,664,0001.7m $1.9m $1.9m 0.00% Unchanged
36 LBP AM SA 0.02% of their portfolio Paris, I0 1,600,0001.6m $1.8m $1.8m 0.02% New
37 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,136,0001.1m $1.3m $1.3m 0.00% New
38 AEGON USA Investment Management, LLC 0.72% of their portfolio CEDAR RAPIDS, IA 905,000905.0k $1.0m $1.0m 0.72% Unchanged
39 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 814,000814.0k $909.7k $909.7k 0.03% Added +30.0k +30,000
40 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 763,000763.0k $856.3k $856.3k 0.00% Unchanged
41 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 213,000213.0k $243.0k $243.0k 0.00% Unchanged
42 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 170,000170.0k $189.6k $189.6k 0.00% Added +1.0k +1,000
43 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 38,89038.9k $4.4m $4.4m 0.00% Unchanged
44 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 37,00037.0k $41.3k $41.3k 0.00% Reduced -405.0k -405,000
45 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 32,00032.0k $35.7k $35.7k 0.00% Unchanged
46 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 30,00030.0k $33.6k $33.6k 0.00% Reduced -3.0k -3,000
47 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 29,00029.0k $32.4k $32.4k 0.00% Unchanged
48 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 25,00025.0k $28.0k $28.0k 0.00% New
49 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 21,00021.0k $23.4k $23.4k 0.00% Unchanged
50 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 17,00017.0k $18.9k $18.9k 0.00% New
51 UBS Group AG 0.00% of their portfolio ZURICH, V8 12,00012.0k $13.4k $13.4k 0.00% Reduced -204.0k -204,000
52 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 11,00011.0k $12.3k $12.3k 0.00% Unchanged
53 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 9,0009.0k $10.0k $10.0k 0.00% Unchanged
54 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 7,0007.0k $7.8k $7.8k 0.00% New
55 Alken Asset Management Ltd 5.38% of their portfolio LONDON, X0 4,3004.3k $4.8m $4.8m 5.38% Added +250 +250
56 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 4,0004.0k $4.5k $4.5k 0.00% Unchanged
57 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 3,0003.0k $3.4k $3.4k 0.00% Unchanged
58 LAFFER TENGLER INVESTMENTS, INC. 0.39% of their portfolio Scottsdale, AZ 2,7372.7k $3.1m $3.1m 0.39% New
59 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged